entrepreneur2Start

2011-08-14T19:12:00.000-07:00

SCM - Components that is beneficial to an organization wanting to adopt a supply chain management solution
(CopyRight 2008; Benjamin Goh)

S for Scalability. It has to be scalable along with the growth of the business.

C for Consistency. There is no such thing as a fool-proof and bug-free solution but being consistent in customer support service quality is key to ensuring the right support is available at the right time within the right budget and quality!

M for Manageability. Any company wanting to adopt an SCM solution should ensure that the top management is committed to the project and that there are dedicated and adequate resources to manage the project internally or in partnership with the solution provider(s). As such, offer assistance to guide and transit the customer(s) in achieving this manageability state.

... a final note.. depending on your specific vertical industry, there are several solutions available out there and it ranges from open source software (free) to highly expensive integrated enterprise solutions like IBS, SAP and Oracle, etc.. So, the question would be your budget and your business requirements.. and then, determine what makes business sense to your company!

SCAN - an approach to qualifying sales leads

2011-02-17T23:39:00.000-08:00

SCAN - an approach to qualifying sales leads
(Copyright 2008; Benjamin Goh)

S for Source... is the lead from a reliable source?

C for Communication... telephone or meeting depends on product and service offering and the experience of the lead qualification person.

A for Assessment... is the lead within the target market?

N for Need... can we offer a solution(s) to their problem(s)?

Customer Experience Survey - SATISFIED

2011-02-04T00:37:00.000-08:00

Customer Experience Survey - SATISFIED
(CopyRight 2011; Benjamin Goh)

Customer experience is what makes and break a company. How delighted is the customers' experience plays an essential part in all B2B or even B2C businesses! As such, it is essential to conduct Customer Experience Surveys regularly but effectively. The following attempts to serve as a guide ..SATISFIED!

S for Simplify the language in the survey.

A for Avoid abstract and open-ended questions. Ask direct questions and use quantitative terms.

T for Target and focus on one area at a time. Never ask more than one thing in any one question.

I for Identify trends. From the survey results, identify trends and look for differences by region and/or product.

S for Set key drivers. Analyze the key drivers by graphically plotting a graph with its importance to the customer's satisfaction (on the x-axis) and our performance in the area on the y-axis. This gives us 4 quandrants. The most important would be the lower left quadrant since the items plotted here will have high importance to the customers and where our performance in this area is low.

F for Feedback to customers. Expedite all necessary activities to ensure that customers are given feedback on the survey within a week the latest.

I for Identify what is really important to customers. From the Key Drivers analysis above, brainstorm on the important issues and assign appropriate resources to act on them immediately.

E for Emphasize top management commitment on areas where it has the greatest impact and improvement on customer satisfaction. Make it known to all staff.

D for Delight the customer. Set up a customer communication session (preferably face-to-face) regularly to advise them on actions taken and also gather more feedback accordingly. Ensure that all staff are adequately trained and equipped (make sure responsibility comes with authority) to manage these sessions.

There are many online research tools and the following are some examples:
http://www.questionpro.com/
http://www.keysurvey.com/
http://www.grapevinesurveys.com/customer-survey-software.aspx
http://www.surveyshare.com/
http://www.zoomerang.com/
http://www.checkbox.com/
http://www.magicsurveytool.com/
http://www.surveymethods.com/
http://www.isixsigma.com/vc/esurveys/

SAR - Affiliate Marketing - Success Factors

2010-08-01T23:16:00.000-07:00

SAR - Affiliate Marketing - Success Factors
(CopyRight 2010; Benjamin Goh)
- - - -
S for Synergy between both Parties.
In affiliate marketing, there must be synergy between the businesses of both parties. There must be common ground where both parties core competencies lie. And in this common ground, both parties are assisting each other in achieving their individual specific business missions and profitability. This is important as this will mean having the same target market.
- -
A for Advantages to both Parties.
Mutual benefit is critical to sustain the relationship and cooperation for affiliate marketing. This implies mutual tangible (e.g. financial) benefits and intangible (e.g. social) benefits.
- -
R for Right at Home.
As in synergy and advantages, it is most essential that the company in question is RIGHT-AT-HOME. For example, a company going for the online business, should be named as an online business company. It should be simple and easy to remember. An example would be "ebay" rather than "Electronic Marketplace Corporation" (or EMC). Other areas would include corporate culture, way of doing business, form of marketing communications, etc.

RAFT - Key to Overcoming Relationship Problems at Work

2010-04-01T19:39:00.000-07:00

RAFT - Key to Overcoming Relationship Problems at Work
(CopyRight 2008; Benjamin Goh, www.bensglobal.com)

R - Relationship.
No one is perfect in this universe and its almost impossible to always have a perfect fit with everyone around us! Therefore, what bridges the gap between an imperfect fit and a good bond are trust and relationship. If the relationship with the peer, colleague, customer, supplier, business partner has reached a level where they feel that we care more about them and their interests and a high level of trust has been established, then half the battle would be won in establishing a good working relationship with a genuine priority for the interest of the other party!

A - Adjust, Adapt and Align.
As in the book by Ilene Hochberg, "Who Stole My Cheese" (http://www.amazon.com/Who-Stole-Cheese-Ilene-Hochberg/dp/0762412364). The story is about four characters: Two mice named Sniff and Scurry, and two little people named Hem and Haw. These four characters live in a maze and live on cheese. (It is an allegory. It doesn’t have to make a lot of logical sense.) The story describes what happens to each of the characters as they face having to deal with the change that occurs when the cheese is no longer in the same place it has always been. The story makes the point about being prepared for change as well as coping with change when it actually happens.
Change is a constant. We can't avoid change even if we stick our heads under the ground like an ostrich. We have to embrace change and move on... Therefore, make adjustment to the changed situation (failure), adapt and then aligning to the new path ahead! As a Chinese saying goes.."Its impossible to force an ox to drink water". Thus, don't expect others to change. We should change for the better to fit the situation and match the other party.

F - Faith.
Very often, we lose faith of ourselves in situations where we are pushed down constantly and even worst, feel that we are not capable when we fail to meet up to the expectations of the other party. But in reality, failure is just a milestone in the path of success and FAITH is the fuel to drive us forward. As in Philippians 3:13 of the Holy Bible, "...Forgetting what is behind and straining toward what is ahead..." Therefore, we should treat the failure as a lesson learnt and continue to strive on to the target that we set for ourselves. The attitude of wanting to learn will help in boosting our faith in ourselves. The moment we stop learning is also the moment we will lose the impetus to venture through the thick and thin of our lives. Treat failure as one of the milestones in our learning process. Learning is not just about learning from others' knowledge and past experiences (successes, failures and mistakes) but learning is also about teaching and sharing our knowledge and past experiences. The more we share, the more we gain in the process! Therefore, equip ourselves with the spirit of learning and enjoy every moment of it and grow!!!

T - Tact
In all things, exercise tact in all circumstances! There is so much we can do to convince ourselves and others of what we can achieve for the benefit of others and ourselves. Ultimately, how we present ourselves to the people around us is a critical success factor for excellence in relationship at work.

...having said all the above, if there is a genuine intention of the other party to put us down, then my advise is for us to ship out and move on to greener pastures! If all is well, then let's focus our energy on shaping up for the benefit of making this world a better place to live in!

QUANXI - Building "Leadership Connections" with our clients, partners, and teams

2010-02-09T05:23:00.000-08:00

QUANXI - Building "Leadership Connections" with our clients, partners, and teams
(CopyRight 2010; Benjamin Goh, www.bensglobal.com)

Q for Quest for information. Always listen more than talking. Most of the time we are more motivated to sharing our ideas, solutions, products and experiences than listening to what others have to share with us. The more we know what others are thinking, the more we are equipped to understand the other party and build strong relationships. Always adopt an open-door policy.

U for Unique. Everyone wants to feel they are special and unique. Whenever we present something to others, always allow them to feel that its tailored specially for them. The in-thing today in business development is what is called "mass-customization"; making what seems to be mass produced or standard look and feel customized for the specific customer.

A for Adjust+Adapt+Align. In building any relationship, always observe the other party and then, adjust, adapt and align to match the best suited form of communication for both parties. Communication is key in building connections, especially leadership connections as misunderstanding or mis-communication always lead to distrust and disrespect and eventually, disconnection.

N for Networking. Always network with the other party in their comfort zone. For example, our team may like to play basketball instead of golf. Join them in their basketball game and allow them to see and feel that you are part of them.

X for X-factor. Presentation of oneself in speech, physical outlook and openness of mind are key to building a strong leadership connection with others. Respect is earned and so, is in successful leadership.

I for Initiate always. Its important and essential to initiate any conversation or discussion or thoughts, etc. Initiation on the part of a leader breaks the ice for others to share openly with us. It is through sharing of their thoughts and ideas that allow us to learn more and then being able to coach, mentor or even provide adequate and useful consultation to others. Initiate, initiate and initiate more connections.

PROACTIVE - Best Practices for all businesses during a time of economic downturn

2010-01-01T01:33:00.000-08:00

PROACTIVE - Best Practices for all businesses during a time of economic downturn:-
(CopyRight 2010; Benjamin Goh, www.bensglobal.com)

P for Prioritizing customer satisfaction. Customers are our lifeblood in any economic climate. Proactively take time to call upon key customers (80-20 rule) and discuss how we can serve them better. Incentify existing customers for any new customer referrals. Remember word of mouth is one of the most effective form of advertising.

R for Revisit Your Business Plan. Review it from the perspective of someone about to invest in your business. Strategize and identify additional information that is needed in order to make decisions about the future of the company.

O for Opportunities - Seek new business opportunities (Diversify). Find new markets for your existing products and services or add complementary services or products to your existing customer offering. Focus on your core competency and stretch it to the limit.

A for Alliances. Form alliances with suppliers and complementary businesses. Form conglomerates with other companies complementing your business and jointly seek opportunities. A pack of sticks is harder to break than a single stick on its own. With more eyes looking for opportunities, the probability of winning a new business is much higher. Network and set up advisory boards that include a wide spectrum of professional expertise that they can draw on for advice.

C for Change management. Look for changes in psychology and behavior in your clientele. You can gain a longtime relationship with a customer by approaching them proactively with the view of being there to help them through their own hard times.

T for Time and Money Savings. Between revenue and cost, cost can be controlled effectively and efficiently all the time. Find ways to save time and money and thus, pass savings to the customers. You will not only retain your customers, but you may also attract others.

I for Innovate by diversifying Your Customer Base and Advertising. Review your customer base and reorganize them into vertical industries or markets. Develop vertical market experts to sell into key industries where your major customer base are. With a different advertising or slight modification in the product, you can reach a broader spectrum of the population, perhaps into another vertical market. People are looking for better ways to do business during the economic downturn. If you have established strong customer satisfaction, this is the time to get the message out through advertising.

V for Value-Add by motivating the staff. The employees are most affected during economic downturns due to the fear of personnel cuts. Find non-costly ways to reward and acknowledge their efforts. A simple note of appreciation for work well-done to individuals or departments daily will bring motivation far beyond than can be imagined. When staff are motivated, they will naturally add value to the company as well as to the customer accordingly.

E for Expand Relationships with Existing Clients/ Sign More Long-term Deals. Offer discounts to customers who are willing to sign a long-term contract (blanket order) or who are willing to pay cash up front for a contract. Find out ways that you can offer to fulfil the other needs that your existing satisfied customers have or offer more products and services that your alliances offer.

NICE - Simple and Regular (Daily) Team Recognition and Motivation techniques

2009-12-27T22:36:00.000-08:00

NICE - Simple and Regular (Daily) Team Recognition and Motivation techniques :-
(CopyRight 2009; Benjamin Goh, www.bensglobal.com)

N for Notes (Post-It, Emails, Memos). "A note a day keeps the employee motivated." As often as you can remember, write a simple note of appreciation or "thank-you" to any employee that has show initiative, integrity, good ideas, team spirit, done her/his best even though the results were not as favorable, good performance, etc.

I for Incentives (Monetary). Very often during the bad times, company cuts on monetary rewards. In fact, the best time to use monetary rewards is during the bad times (economic downturn) since a small amount would mean much. Define the incentives and how they are measured. Make available all information so that its a fair playing ground for all to participate. Be sure to issue an award certificate together with the token monetary award. The certificate can be simply a piece of BOND paper printed using a laser printer and signed off by the direct manager and the managing director (top management) of the company. This award is to be given out once every quarter or half-yearly during a little award celebration party held during the last 2 hours (office hours) and all are served with snacks, drinks or maybe some alcohol.

C for Cards; Birthday & Anniversary. Recognition should be more than just achieving good results. Remembering a special day of an employee like her/his birthday or anniversary of joining date is also as important. If you can, also send a wedding anniversary card to the residence of your employee for their anniversaries. This allows their family to see that the company extends their care and love beyond the office walls.

E for Employee Awards (Best Monthly or Quarterly). As in "Incentives", the Best Employee Award (or Most Helpful Employee Award, etc) could be used to complement the "Incentives" award since there will be employees who, in their very own capacity, will not be able to show significant contribution to the company's bottomline. For example, an administrator would be able to ensure the best filing is done for all project files and as such, all involved in the project can easily access the files for references and accurately understand the situation at hand. Although the administrator is directly involved in the successful completion of the project, the project would not have run so smoothly without good administration and documentation. Similar examples of the above type of appreciated contribution can be rewarded through this award. Once again, a token of monetary award like say US$50 shopping voucher would mean quite a lot during such times.

Negotiating a New Lease for a Start-up Business

2009-12-02T06:05:00.000-08:00

Negotiating a New Lease for a Start-up Business
(Copyright 2009; Benjamin Goh, www.bensglobal.com)

Option 1 - Traditional Approach.
Get a commercial realtor from a recognized realty company as this would prevent any unforeseeable problems in the future that may lead to legal action. All commercial realtors will have standard leasing agreements that are normally fair for both parties. Provide them your requirements and it will save you a lot more time and resources where you can otherwise, use for other areas of your start-up.

Option 2 - Alternative Approach.
For more than a decade, some landlords in Asia have moved into profit sharing as an alternative payment method for leasing. In this approach, business plans will have to be shared with the landlord and how the profit is to be shared will also need to be discussed and agreed upon, in addition to the method on how the profit is to be computed.

NAME - Elements of an Effective Company Name

2009-11-17T20:24:00.000-08:00

NAME - Elements of an Effective Company Name
(CopyRight 2008; Benjamin Goh, www.bensglobal.com)

N for New name. It is important to have a completely new name that is unique and not similar to any other company's name. You want to be unique and when you are successful, your success will be easily identified as being associated with your unique company name and not associated with some other company.

A for Attractive. A company's name should be one that attracts people to want to be associated with you; as your customer, as your supplier, as your business partner, as your employee, etc. It should be catchy and yet, simple!

M for Meaningful. A company's name should be meaningful in all sense; perhaps bearing the owners' name or its origin or its business initiatives/goals/directives.

E for Easy to Remember; Simple. A company's name should be simple and easy to remember and definitely, not a tongue twister. There are many interesting company names that are unique but terribly difficult to read. If a name is difficult to read, it will also be difficult to remember.

Bens-Global is my company name and the word can be broken up into 2 words, namely, Bens and Global. Its clear that the business is global and so, the name bears it. As for Bens, its associated to my name, benjamin. However, each letter in BENS has a meaning that defines the business that we are in.

B for BUSINESS
- Growth Catalyst, Business Development, Market Entry Development, Executive Coaching, Global & Regional Management

E for ENRICHMENT
- Cost Efficiency, Strengths Enrichment, Team Building & Empowerment, Value Chain Effectiveness

N for NETWORKING
- Corporate Communications, Marketing Communications Public Relations, Professional Networking

S for STRATEGIC-SOLUTIONS
- Business Process Design, Business Process Re-engineering, Tooling Design & Development, Organization Re-engineering, Change Management

M-factors - Determining the location of a Global HQ

2009-11-11T23:52:00.000-08:00

M-factors - Determining the location of a Global HQ
(CopyRight 2008; Benjamin Goh, www.bensglobal.com)

M for Man. It is most important to be able to employ the best in the industry where the company is in. Human resource is one of the key assets of a company and the importance is paramount. The appropriate market knowledge, domestic and/or international, where applicable, is key to successful business and market development strategies.

M for Machine. Where machines or systems are essential to the function of the headquarters (HQ), it is important to ensure that quick and adequate support is available readily. Further, the further away the support team is located from the company, the higher the cost of support and the higher the risk of higher downtime when the machine(s) fail.

M for Materials. Readily available materials needed for the operations are key to maintaining a cost advantage over the competitors. If materials are not located overseas, it will imply additional cost in freight, custom duties, trade restrictions, etc.

M for Methods or technology. Is the key technology available in this location? For example, the proximity of research centers or higher institute of learning (HIL) where the technology is most prevailing would be a competitive advantage. This will ensure the ease of accessing the latest technological breakthroughs as well as the availability of the adequate research and development resources.

M for Markets or geography. The proximity to the key markets of the business is critical. This allows HQ resources to have better access to market requirements and shorter time (thus lower cost) to reach the key markets.

M for Money or financial. If all being right, one very important factor to note when deciding on the location of the HQ is government regulations, fiscal legislation, tax incentives, government funding, etc., that will be highly beneficial for the function of a HQ in that country or state. There are many develop or developing economies that offers many government funding and tax incentives for companies setting up global HQs.

MIKI - Critical Success Factors for any Business

2009-11-05T19:02:00.000-08:00

MIKI - Critical Success Factors for any Business
(CopyRight 2008; Benjamin Goh, www.bensglobal.com)

The Product Focus was key in the 1900s and then, the Brand Focus in the 1950s. I strongly believe that in the 2000s, we are looking at Experience Focus. With Experience Focus, we mean "Meaning Benefits", that is to create more value by adopting a process that deliberately places meaning at the center of innovation – focusing on the roles, tools and process of identifying, designing, delivering, and maintaining meaningful experiences for our customers.

As such, the key to our success in any business would be "MIKI" (Marketing – Innovation – Knowledge Mgmt – IT) as follows:

M for Marketing
Marketing is key to any company's success in reaching out and making oneself known to the target market. We need to constantly strategise how we are going to market our solutions and products and far more important, how we are going to market the company. Its about how we are going to achieve excellence in making both our customers' experiences in doing business with us and their experiences in using our solution meaningful.

I for Innovation
Innovation is like breath to a company. Without innovation, the company will eventually run out of steam and strength or even will to move on. It is critical for us to constantly innovate our solution and product offering and even the way of doing business with us. We have to on top of market trends and political, economic, social and technological developments and changes. We need to innovate in order to survive.. its not a choice!

K for Knowledge (Chain) Management
Knowledge management is the leveraging of collective wisdom to increase responsiveness and innovation. There is a distinct difference between knowledge and its management and information and its management. Information Management consists of preplanned responses to anticipated stimuli while Knowledge Management consists of unplanned (innovative) responses to surprise stimuli. As Peter Drucker states "Knowledge has become the key economic resource and the dominate – and perhaps even the only – source of competitive advantage". As such, the only irreplaceable capital an organization possess is the knowledge and ability of its people. The productivity of that capital depends on how effectively people share their competence with those who can use it. As such, it is this long term preeminence that we need most if we are to weather changing markets.

I for Information Technology (IT)
As in any business, we need tools to achieve our business objectives and goals. We need to brainstorm what are the tools that we need to achieve the short term as well as long term objectives of the new company. It takes lots of efforts (resources) and time to learn and implement a new IT tool and its also extremely disruptive to business operations if we are to change and adopt a new tool in the future. The best time to implement a new IT tool, especially that of ERP or SCM software, is when the company is new and starting off with a brand new page. By understanding and appreciating the clear objectives of the business, we are then more equipped to source for a IT tool that will meet both our short term immediate needs as well as long term future needs. With this, I mean that we need to do it RIGHT at the START, rather than trying to make it right in the future. The IT tool must be scalable to meet our business growth needs as well as flexible enough to allow for us to adapt, adjust and align to the changing market demands. Change is an expensive process and as such, we need to ensure that we are equipped to enhance the IT tool efficiently (time) and most cost effectively. If we adopt a proprietary software, we will definitely not be able to control the above. As such, should we adopt an open source freeware that will allow us to internally respond but given the choice and option to source it out to 3rd party solution houses.

MANAGE - Tips to Managing Our Manager!

2009-11-01T23:59:00.000-08:00

MANAGE - Tips to Managing Our Manager!
(CopyRight 2008; Benjamin Goh; www.bensglobal.com)

Management is a process leading to a goal or objective. Without a goal is like driving to nowhere. Have you tried jogging to nowhere? Its really exhausting physically and mentally as there is no checkpoints to motivate oneself to push on.

M for Milestones. This is the exercise that one must take to understand clearly and completely the goals and objectives set by the manager along the route (milestones) of the project and of course, the final destination (end-result)!

A for Attention to details. Initiate brainstorming sessions to tap more ideas from the manager. If she or he is not going to reveal her or his ideas voluntarily, then one must proactively create the situation to tap as much ideas from him or her.

N for Never say die. Self motivation is key to any success. As much as others can motivate us, the more important and critical is for us to be able to motivate ourselves. The successful person is one who is highly self-motivated and is self-driven to accomplish the task(s) given to her or him.

A for Adapt, Adjust, Align. Always adopt a mindset of change. Learn to move along with the waves and be politically savvy in as many aspects as one can. Talk less, listen much more. One who accepts change and move on is one who will eventually end up the victor!

G for Group. Never battle alone. As the chinese saying goes, "its difficult to break a bunch of sticks". Team up fellow colleagues (direct or indirectly) and have regular meetings (formal or informal) to tap on their views and ideas. Someone outside has always a different angle of looking at the things we do. Learning from others' mistakes and experiences are golden rules in the road to success!

E for Evaluation. Always evaluate one's progress and if unsure, ask questions. A manager may not guide one along but it does not mean that one cannot communicate to her or him and get as much feedback about how she or he feels about one's progress. Be proactive and place as many checkpoints along the way to allow oneside to be able to measure one's progress objectively.

A final note..fill the gaps of our manager and we fill the gaps to our bridge to success!
Of course, if the manager is out to destroy us personally, then get out as we will always lose. There is no point fighting a losing battle now .. there are golden opportunities out there waiting of us!

Loyalty - What Makes a Customer Service Organization?

2009-10-20T04:31:00.001-07:00

LOYALTY - What makes a Customer Service Organization?
(Copyright 2009; Benjamin Goh, www.bensglobal.com)

L for List and Define what extraordinary customer service really means.

O for Organize customer activities to create opportunities to ask customers what extraordinary customer service really means.

Y for Yield to a corporate culture where critical customer information are freely shared within the entire organization.

A for Allow your people to be extraordinary.

L for Lay out clearly the commitment from management, share it and reward top performance.

T for Take patience on hand and expect no magic overnight.

Y for Yield to a road ahead filled with bumps and react accordingly.

...and a final note. "Build customer loyalty, not just satisfaction" ...When you apologize for problems and really listen, you build a relationship.

ICU - 3 Most Talked About Economies in the World in 2009

2009-10-07T07:18:00.000-07:00

ICU - 3 Most Talked About Economies in the World in 2009
(Copyright 2009; Benjamin Goh, www.bensglobal.com)

ICU sounds like Intensive Care Unit. Yes, indeed the current global economic crisis is like a patient (or similarly the global economies) housed in the ICU. It is a specialized department used in many countries' hospitals that provides intensive care medicine.

It was projected that by 2018, China will overtake the USA as the largest economy in the world, with India as number 3. As such, I like to classify my choice of the 3 countries as ICU.

I for India. Thanks to Asian giants like Gandhi, Nehru, Mao and Deng, the revival of India and China is changing the 21st century. India’s growth rate will slow in 2008-09. Principal reasons for this modest drop in economic growth include (i) a large and diversified consumption base for the Indian economy; (ii) India’s trade to GDP ratio is much smaller than that of, say, China; and (iii) Indian financial markets are still relatively insulated from global financial markets. India has a healthy external balance, with high foreign exchange reserves, low ratio of short term external debt to GDP and less than complete capital account convertibility.

C for China. Its now, by far, one of the most mentioned Asian economy in everything around us, from daily products that we use to international news that we hear. China has become somewhat the Big Brother in Asia and it is definitely a country that's worth mentioning. By 2030,China must and will play a constructive role in tiding over global financial crisis and thus, strive to create trade and investment opportunities for its trading partners and international investors.

U for United States of America. The natural BIG Brother of the world since ages before. Most countries looked up to the US for directions and support. In the 1980s global downturn, the U.S. economy accounted for about one-third of the world's economy. It now accounts for one-quarter. The U.S. government is also far more indebted than it was in the '80s.

Searching (WED), Shortlisting (ICE) and Signing-up (GET) the Right Business Partner?

2009-09-29T18:00:00.000-07:00

Searching (WED), Shortlisting (ICE) and Signing-up (GET) the Right Business Partner?
(CopyRight 2009; Benjamin Goh, www.bensglobal.com)

In looking for a business partner, its like looking for the right spouse to "WED". As such, "WED" before you wed:-
- W for Word of Mouth. In your network circle, ask those in your network to recommend potential business partners that they have had good experiences with or not so good experiences. This allows you to gauge their recommendations and decide on who is good for your projects.
- E for Exhibitions. Visit trade shows where potential business partners may be exhibiting. Check them up and understand what your options are.
- D for Directories. Look up industry directories or trade show directories where you can find some suitable business partners. Likewise, check them up and understand what your options are.

Once you shortlist several suitable business partners, you should perform the "ICE" to ascertain who is the most suitable:
- I for Interview their key personnel. Ask them about the approach to doing business with you, how many projects they are in to ascertain if they shorthanded, etc. Escertain that you share common values, common goal, similar level of commitment, an adequate financial position and
possesses complementary strengths.
- C for Check them up on the internet (technology blogs, etc) and other possible sources.
- E for Examine their customer references. Understand from others how they are.

After you have selected the Right Business Partner(s), then you have to make sure that you will "GET" in order to guarantee a successful marriage.
- G for Goals. Have realistic budgets and schedules. Have some buffers just in case!
- E for Expense and Expectations. Plan for cost overruns and set the right expectations up front before the project(s) commence. Evaluate the partnership upon an agreed time and plan for an exit strategy just in case the partnership fails.
- T for Time. Plan for delays. Make sure that this is taken into account in the time schedule planned for the project.

HOME...key to success in working at home!

2009-08-27T08:26:00.000-07:00

HOME...key to success in working at home!
CopyRight 2008; Benjamin Goh, www.bensglobal.com)

H for Home is a home and its never the same as the office! So, set aside a dedicated space or room that is solely just for working and nothing else. Draw clear boundaries for that special space or room!

O for Ownership of work. Always remember and keep reminding oneself that the work produced, whether at home or in the office belongs to oneself and the pride lies in the delivery and results of the work. So, feel a deep sense of ownership.

M for Mentor or Manager. Its good to have a mentor who will be able to provide you guidance and directions wherever and whenever you need it. Working at home is already a challenge and working alone can be uphill climbing. So, get a coach or a sparing partner who is available on a regular basis (weekly or monthly or quarterly) meet you up in that special space (workplace) in your home.

E for Evaluate. In order for one to be successful in any challenge, one should always and consistently evaluate one's performance as well as getting feedback from others one works with. If there is a problem, embrace with an open mind and see how one can improve the working environment or the working schedule or getting rid of any possible obstacles and hindrances.

GAM - Approach to Global Account Management Excellence

2009-08-24T22:55:00.000-07:00

GAM - Approach to Global Account Management Excellence
(CopyRight 2008; Benjamin Goh, www.bensglobal.com)

Goals and objectives.
Essential to brainstorm and communicate with all concerned about the goals and objectives set for the global enterprise account. Conduct regular goal setting and road map sessions with customer(s) and colleagues!

Adapt-Adjust-Align.
Change is the only constant in today's rapid growing business environment. A commitment to change is key to success in meeting the competitive challenges and demands of the person-in-the-street!

Metrics.
No one plans to fail but the greatest mistake is failing to plan! In planning, set up measurable KPIs and various metrics that are agreeable to customer(s ) and colleagues! Regular reporting of KPIs and metrics are best practices for successful communication and allocation of adequate resources.

FECT - Sales funnel metrics

2009-08-20T21:46:00.000-07:00

FECT - Sales funnel metrics
(CopyRight 2009; Benjamin Goh, www.bensglobal.com)

There many ways one can measure the success of the sales funnel and these are normally measured over a fixed period. From the results, one can then determine the necessary corrective steps.

F for Funnel Metric.
This is the total value of all deals in the funnel. Since different deals will have varying degree of closure success, weightage for all deals can be added to reflect a more accurate estimate of the funnel value.

E for Eligibility Metric.
This is the measurement of the number and potential value of deals that are eligible or being qualified into the funnel over a pre-determined period. This will provide an indication of the rate of qualifying deals that in return, provides management an indication of the sales effort in generating qualified leads.

C for Conversion Metric.
This is the ratio of the deals that are closed against the deals that are just qualified into the funnel. This provides management with an indication of the success rate of a specific sales person in closing the deals that she or he qualifies.

T for Time Metric.
This measures the time taken for a deal to flow from the moment it is qualified into the funnel to the time it is closed (whether an order is received or the deal is lost or cancelled). Very often, one will find that there are deals that are strolling or stuck. These should be taken out of the funnel and managed accordingly so that the funnel will provide a more accurate representation of the sales flow.

Use the MathMarketing’s Sales Funnel Calculator™ to compute exactly how many sales we can generate from our sales funnel, and how many prospects we need in the top of the funnel to achieve our targets.
http://www.mathmarketing.com/sales-funnel-calculator-2

vTiger is highly recommended for companies who wished to have a free and simple but yet effective CRM open source solution. Visit http://www.vtiger.com/

FAIL - Obstacles preventing successful CHANGE

2009-07-30T23:34:00.000-07:00

FAIL - Obstacles preventing successful CHANGE
(CopyRight 2009, Benjamin Goh; www.bensglobal.com)

F for Failure to take advantage. Management fails to take full advantage of the opportunities and benefits CHANGE provides.

A for Affect their job. Employees who are concerned about how CHANGE will affect their jobs and therefore, resist CHANGE.

I for Implementation uncertainty. Managers or supervisors are uncertain about how to implement CHANGE.

L for Legacy. Employees who don't believe in the CHANGE and don't want it to happen. They want to remain in their current comfort zone where the legacy system is.

FAIL - Ingredient to Success!

2009-07-18T02:46:00.000-07:00

FAIL - Ingredient to Success!
(CopyRight 2008; Benjamin Goh, www.bensglobal.com)

F for Faith.
The moment we experience failure, we should take some time off from our normal routine and reflect upon the failure for A WHILE ONLY! Then, we are to pick up ourselves and REGAIN our FAITH for ourselves. Very often, we lose faith of ourselves and our capabilities when we fail. But in reality, failure is just a milestone in the path of success and FAITH is the fuel to drive us forward. As in Philippians 3:13 of the Holy Bible, "...Forgetting what is behind and straining toward what is ahead..."

A for Adjust, Adapt and Align.
As in the book by Ilene Hochberg, "Who Stole My Cheese". The story is about four characters: Two mice named Sniff and Scurry, and two little people named Hem and Haw. These four characters live in a maze and live on cheese. (It is an allegory. It doesn’t have to make a lot of logical sense.) The story describes what happens to each of the characters as they face having to deal with the change that occurs when the cheese is no longer in the same place it has always been. The story makes the point about being prepared for change as well as coping with change when it actually happens.
Change is a constant. We can't avoid change even if we stick our heads under the ground like an ostrich. We have to embrace change and move on... Therefore, make adjustment to the changed situation (failure), adapt and then aligning to the new path ahead.

I for Instinct.
Trust our instinct. Very often we feel could feel our instinct telling us not to do certain things or to do certain things. Trust that inner voice within us and allow it to guide us along our path of recovery and drive towards our road to success!

L for Learning.
Learning is a process! The moment we stop learning is also the moment we will lose the impetus to venture through the thick and thin of our lives. Treat failure as one of the milestones in our learning process. Learning is not just about learning from others' knowledge and past experiences (successes, failures and mistakes) but learning is also about teaching and sharing our knowledge and past experiences. The more we share, the more we gain in the process! Therefore, equip ourselves with the spirit of learning and enjoy every moment of it and grow!!!

... a final note on a popular ingredient to failure: Failing to Plan, or Planning to Fail?

ETC - Importing from Developing Economies

2009-07-16T09:44:00.000-07:00

ETC - Importing from Developing Economies
(CopyRight 2008; Benjamin Goh, www.bensglobal.com)

China is not the only developing or emerging country that is facing exporting problems from their developed economy importers. Problems exist likewise from countries like Indonesia, Vietnam, Philippines, etc.
Therefore, there are ETC problems that will need to be addressed as we (or our forefathers) remember that USA and Japan were once upon a time also facing these same problems when they first started exporting to other countries in the world. Its a learning curve for all and it is only fair to note that China has managed this problem much faster and better than compared to its predecessors.

E for Expectations. Expectations of documentation, quality standards, delivery quality and lead times and a whole string of expectations are often different from that of the Chinese exporter and that of their overseas buyer. For example, testing of computer-related products on Chinese Windows XP in China during production and quality control but these products are to be used in an English Windows Vista environment overseas. Many overseas buyers normally expect that the Chinese exporters will be able to product the exact type of documentation word by word but disappointed to realize when the products are received.
- Advice. If you want things to be right, sometimes you may have to do it yourself. As such, provide all requirements clear and exactly the way you want it. If its quality, you may wish to have your own QC stationed in the Chinese manufacturing plant who knows exactly what you want before they passed QC and shipped to you. Alternatively, hire 3rd party QC inspectors who are experienced in the same industry and product for overseas market to conduct the check for you.

T for Taxes. Be aware that there may be export or import taxes imposed on products shipped or returned to China. If a foreign currency is used in all the official delivery documentation, these figures will be converted to the Chinese Reminbi (RMB) based on the daily official customs exchange rates. As such, Chinese exporters or importers may not be able to give you the exact amount of tax until they have sent their products through the customs.
- Advice. Factor the possible exchange rate fluctuations into your costing and do make sure that the tax rate is officially noted before any purchase agreements are signed. The tax rate is fixed but the exchange rate may vary by the customs officials.

C for Communication. In any business, communication is key to maintaining a good working relationship. What seems very simple and straightforward may mean a whole lot different when translated wrongly.
- Advise. It is therefore critical for the Chinese exporter to have staff who are well versed with the international business culture and language or the Foreign importer to have staff who are well versed in the Chinese language and business culture. Constant and regular communication between both parties are essential to establishing a win-win business relationship.

ERP - Question the Need for ERP System Modernisation or Upgrade

2009-07-12T08:49:00.000-07:00

ERP - Question the Need for ERP System Modernisation or Upgrade
(CopyRight 2009; Benjamin Goh, www.bensglobal.com)

The need to modernise the existing Enterprise Resource Planning (or Supply Chain Management) system only comes with the need to be more competitive in the marketplace. Its a business question, rather than a technology question.

For example, would it be necessary to upgrade our Microsoft Windows operating system every single time Microsoft launches a new version? My answer is no, if the existing version does its job for our work and business, that is, compatibility with majority of our important business partners (customers and suppliers). Well, the 80/20 rule. If we can continue doing business with our major customers and suppliers as well as future highly potential new customers and suppliers, why upgrade and incur additional cost in software implementation and employee re-training.

Similarly, this applies to the enterprise software! Software implementation and employee re-training are major costs to a company (whatever the size of the company) and if it is not managed well, it could literally drag the entire company down with business disruption, etc. Further, the cost of communicating this change to our business partners and/or the market as this will definitely have some or major impact on them.

I fully endorse the need to spend much more time in the initial stages; as in planning and determining the exact requirements of the enterprise software system prior to purchasing. Planning should not be limited to the current need but it should encompass the future needs and competitive trends of the marketplace. Bottomline is that it should be a system that further enhance the existing core competence of the company.

Further, before any thoughts about upgrading or replacing the existing system, always ask if we have fully exploit the existing system to the fullest and/or if all our staff are thoroughly familiar with all the features and functions of the system. In my experience, I find many users not using all the functionalities of the system due to lack of training as a result of staff turnover.

In conclusion, let me share the following using the words, ERP:

E for Exploit the existing system always; ensuring resources are fully and adequately trained at all times to fully exploit all the features and functions of the existing system.

R for Review the business requirements regularly; encompassing the future needs and competitive trends of the marketplace.

P for Plan, plan and plan first; ensuring that sufficient planning and research are performed before embarking on a new system. A new system must always be better in enhancing the core competence of the company after taking into consideration the cost of system modernisation, resource re-training and market communication.

ERP - Steps to be taken in considering an ERP system for any company, big or small, multinational or domestic

2009-07-06T07:42:00.000-07:00

ERP - Steps to be taken in considering an ERP system for any company, big or small, multinational or domestic.
(CopyRight 2009; Benjamin Goh, www.bensglobal.com)

E for Exploit the existing system (paper or computer or mixture) always; ensuring resources are fully and adequately trained at all times to fully exploit all the features and functions of the existing system...and is assured that the existing system has reached its peak performance. If so, review the existing and future business requirements......

R for Review the business requirements regularly; encompassing the future needs and competitive trends of the marketplace. Be assured that the existing system is able to cope and support the existing and future business needs. If not, then start working on what would be the real needs of the company, SWOT (Strengths, Weaknesses, Opportunities & Threats) analysis and PEST (Political, Environmental, Social & Technology) analysis.

P for Plan, plan and plan first; ensuring that sufficient planning and research are performed before embarking on a new system. A new system must always be better in enhancing the core competence of the company after taking into consideration the cost of system modernisation, resource re-training and market communication.

DOC - Measures to ensure visibility of remote software development project

2009-06-16T02:40:00.000-07:00

DOC - Measures to ensure visibility of remote software development project
(CopyRight 2009; Benjamin Goh, www.bensglobal.com)

D for Documentation. Customer requirements (vital statistics) and customer expectations (deliverable) must be clearly documented.
- If possible, create a standard software development requirement (functional design) checklist and conduct an interview with the customer with it.
- If an interview is not possible, send a copy of the questionaire for the customer to complete. In such a situation, ensure that the questionaire is clear and wherever possible, restrict language to layman terms. Where a technical term must be used, remarked a definition of the term. Further, if the questionaire sheet can accommodate, set aside four columns on the right of each question, labeling them as "Nice-to-have", "Good-to-have", "Must-have" and "Remarks". You may wish to assume that all customers may be a lay person with no technical software background.
- Customer is always right and so, follow up the project as often and as regular as required with an email or some written documentation as detailed as possible. This is to avoid the customer rejecting the project and stopping her/him from sending the stuff back and/or stopping her/him from adding requirements every now and then.

O for Organization. Where remote project management is concerned, it is most essential to organize everything that is required of the project. As such, it is most critical to achieve organization excellence. Make sure that one of the strengths of the Project Manager would be excellent organization skills.

C for Communication. Since the project is fulfilled by a remote team, a system of communication must be set up.
- If there is a time difference between the parties involved, specific communication protocol must be agreed by all parties. For example, response time, primary and secondary contact, etc.
- Means of communication should also be agreed upon. For example, email, chat, video conferencing, etc.
- Regular, continuous and focused communication is a best practice for successful software development projects.
- One (the most two) primary contact (and back-ups in case primary contact is not available) must be agreed upon and her/his contact information is distributed to all concerned. This is to ensure that communication is always possible under any circumstances.

DMOSS - Successful Contingency Plans for Supply Risk Management

2009-06-14T07:54:00.000-07:00

DMOSS - Successful Contingency Plans for Supply Risk Management
(CopyRight 2009; Benjamin Goh, www.bensglobal.com)

To ensure that there will be a much higher rate of success for the contingency plans to work, exercise true resilience by attacking supply chain risks from all angles and having operational, tactical, and strategic plans to deal with it.
......
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The strategies for building resilience into the supply chain and mitigating risk can be illustrated as DMOSS :-
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D for Design for Maximum Postponement. Design products and processes to enable build-to-order operations and allows for parts and semi-finished materials to satisfy shortages.
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M for Manufacturing Versatility. Design production processes and facilities to be interchangeable among different products with as many generic parts as financially viable as possible. Also cross-train resources on several processes so as to allow flexibility in resource deployment wherever the need is.
......
O for Operations Management. It is most essential to establish clear expectation with suppliers and also to provide timely feedback to suppliers when performance fails to meet expectation. Establish substitution options and be ready for any impending shortage. Work closely with strategic suppliers for purposes of optimizing cost, inventory, processes and flexibility.
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S for Synchronic Operations. Run various processes concurrently from product development through production ramp through production and finally, distribution. This is to minimize time to market, reduce time to recover from supply interruptions and to improve overall process efficiency.
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S for Sourcing (Risk-mitigating) strategies. Develop a contingency plan for every foreseeable supply chain disruption and establish initiatives to minimize the possibilities of preventable disruption. Always be equipped and prepared for immediate execution of the contingency plans upon a supply chain disruption.
......
In conclusion, in order to ensure contingency plans to work in times of supply chain disruption, adhere to the above as well as establish a corporate culture that will consistently look for ways to mitigate risks and jointly take ownership to execute contingency plans upon any disruption. Examples of ways to mitigate risks include but not limited to the establishment of market intelligence, price hedging, collaboration with suppliers and partners, establishment of incentives for successful execution of contingency plans, reduction of cycle time, cross-training within the organization for purposes of resource backup and establishment of clearly written supplier contracts that penalize non-compliance, etc.

CURVE - Key success factors for a logistics company (under the Blue Ocean Strategy)

2009-06-10T05:50:00.000-07:00

CURVE - Key success factors for a logistics company (under the Blue Ocean Strategy)
(CopyRight 2009; Benjamin Goh, www.bensglobal.com)

C for Create a new market where competition is irrelevant. Examples would include just-in-time, continuous cost reduction benefits passed down to customer, re-packaging of products to allow for seamless integration to customers' operations, real-time delivery/storage information, direct delivery to customers' customers, etc.

U for Unique way of doing business, that is, based on industry best practices. Conduct business the way that the industry where the customer belongs to conduct. Understanding the specific vertical market that the customer belongs to would differentiate one from the competition.

R for Reorientating focus from competitors to alternatives and from customers to non-customers of the industry. Consistency in service quality and dedicated vertical industry account manager (for smooth communication and in-depth industry understanding) allows customers to expect the expected and may even be delighted since minimum effort is required to communicate requirements.

V for Value innovation. Innovation with value add should be part and parcel of the bloodline for any successful company and no difference for a logistic company. Examples include re-packaging, re-labeling, customer reports based on customers' SOP and requirements (even seamless data integration to customers' ERP or SCM systems), single point of contact (account management) for customers with international or regional offices), etc.

E for Excellence. Always strive for excellence, efficiency and effectiveness in delivering the services to the customers. Example include constant review and innovation of new and improved ways of serving the customers and thus, passing on cost savings to the customers or provision of specially customized logistic reports that reduced reporting on the part of the customer.

CSO - Key Functions of a Chief Strategy Officer

2009-06-08T09:03:00.001-07:00

CSO - Key Functions of a Chief Strategy Officer
(CopyRight 2008; Benjamin Goh, www.bensglobal.com)

C for Competitive-Environment. Take the analogy of a restaurant. Two key functions are the restaurant manager and the chief chef. The restaurant manager deals with much of the external forces like the customers, the customer services, the type of food to promote, and the sales and marketing activities. The chief chef will work with the restaurant manager to ensure that what the customer perceives is what will be delivered accordingly. She or he formulates the recipes of all the dishes and guides/directs the other cooks in the kitchen to prepare the right food, at the right time, with the right taste for the specific customer, etc. The restaurant manager is the like of the CEO while the chief chef is that of the CSO. The CSO is key in ensuring that the house is in order with the right strategies at the right time and competitive environment.

S for Sparring-Partner. In today's competitive marketplace, the CEO can no longer be effective and efficient as a one-person show. She or he needs a sparring partner who will always be there to challenge or complement her or his ideas and strategies, etc. This is critical to ensure that there is a check and balance in the strategies formulated and executed by the company.

O for One-Company. Every function in the company has their own objectives, goals and strategies in achieving what they are each tasked. The CSO plays the role of a mediator and a facilitator to ensure that all functional strategies are in line with the corporate strategy so as to optimize cost, maximize profit and deliver value to the customer and business partners. The One-Company concept is key to success in any company, big or small.

A final note is that whether the CSO function is an official designation or not, such a role is mandatory to ensure competitive advantage and long term success in any company.

COST - Measures taken towards Calculated Risk Taking

2009-06-06T01:41:00.000-07:00

COST - Measures taken towards Calculated Risk Taking
(CopyRight 2009; Benjamin Goh, www.bensglobal.com)

Taking risk blindly is unthinkable! So, think about the "COST" before making any life, financial or business decisions:-

C for Calculate All Possible Risk. Consider all the risks that one will be taking before taking the next step. Calculate the risk and make sure that one can bear the cost should the venture failed or did not perform as well as expected. As in the example of driving a car. The seat belt only prevents the passenger and driver from being thrown out of the car should an accident occurs but it does not protect them if another vehicle were to completely crash the entire body of the car, thus killing them all. As such, if the driver thinks she/he is safe with the seat belt, then she/he has not actually calculated all the risk that she/he is exposed to.

O for Opportunities. Always on a look out for opportunities as most good opportunities are sought after and does not normally come knocking at our doors. So, perform the necessary background studies in all forthcoming opportunities as well as discuss this opportunities with trusted friends and loved ones who may be able to offer an objective opinion. It is critical to understand what one is going into and also to be able to see where it will lead one to in the short term, middle term and naturally, the long term. When one sought after opportunities, the comfort level would normally be more apparent.

S for Spare Cash? Once a friend and successful entrepreneur shared "Never use your own money for business as its meant to be spent on your loved ones". This is an interesting comment but putting it one step forward, let's put it as "Use your spare cash or someone else's cash for the business". As such, in taking the risk in business, one may wish to discuss with loved ones and decide if the cash to be used is spare cash and if faced with failure, it will not have any impact on the family. If so, this would imply a mental preparation of possible loss, and thus, affordable risk taking!

T for Threats. Always laid out all the possible threats that will face the decision to be made. Talk to trusted friends and loved ones about it and brainstorm for all unlikely threats that may arise. As the saying goes, "Do it Right at the Right Time and Right Place goes a long way in becoming successful"

Finally, the Chinese saying "Think Thrice before Speaking" tells about thinking 3 times over what to say before actually speaking it out. The truth lies in the fact that what is said can never be retrieved back. Similarly in risk taking, "Think Thrice before Taking-The-Risk".

COST - Good Company Name to attract Traffic to your website

2009-06-04T08:19:00.000-07:00

COST - Good Company Name to attract Traffic to your website
(CopyRight 2009; Benjamin Goh, www.bensglobal.com)

It is important to have a good name for the company in order to generate the right traffic and it is definitely costly to change a name. As such, consider the following when working on a good name and how it will generate the right traffic:-

C for Culture. A person's nationality and culture can most often be identified through her/his name. So, this is true for a company as well. The company name attracts the potential business partners (customers and suppliers) as it would reflect the type of business or industry that the company is in. As such, a good company name will, naturally, generate traffic from the appropriate market or industry.

O for Online. If a company is into online business, then the company name should be an online name and not just any company name. Most companies who have been in brick and mortar business for many years suddenly decided to go for a share of the online business but never adopt a new online name. Such companies online business will normally fail. A new name that is more internet-savvy is the best practice for going to an online business.

S for Simple and special. A simple and yet unique name is key to generating traffic for online businesses. If one has difficulty in just trying to read the name, how else would one remember the name itself. As such, keep names simple and unique so that your target market can easily search for your company website or products readily when the need arises. As such, a good company name is easy to remember within its specific industry or market. An easy to remember name will, naturally, generate traffic from target market who will easily remember their company name when a need arises.

T for Traffic. Its great to generate traffic but the more important issue would be generating and attracting the right traffic, your target market.

COMB - Reason for using Middle Person in Sales/Marketing of Products/Services

2009-06-01T21:27:00.000-07:00

COMB - Reason for using Middle Person in Sales/Marketing of Products/Services
(CopyRight 2009; Benjamin Goh, www.bensglobal.com)

C for Core Competencies. In today's highly competitive market conditions, it is even more critical for companies to focus on its core competencies and optimize the limited resources to bring the highest value and ultimate experience for the target market at the lowest cost of sales. The use of middle person relieves the company to focus on its core competencies. Similarly, companies may also outsource other elements of their supply chain like manufacturing, procurement, logistics, etc.

O for Optimization. The ability to optimize resources within the company is critical to the success of any business. Why perform a certain task internally when someone else could do it better, more efficient and more cost effective than the company itself? The opportunity to stretch the dollar even further through the use of the middle person with the core competency of selling and marketing specific products through its existing customer base with its local proximity and presence to the target market. The learning curve of market entry and business development would normally cost much more than engaging a middle person with the local market expertise and existing customer base.

M for Market Knowledge. The common business question of who you know is more important than what you know. Local market knowledge is critical to accelerating market penetration. Armed with an adequate customer base and local application of the specific product or service, the middle person would normally be able to bring the product or service into the market much faster than the company setting up its own operations. Even if the company is able to recruit the business development staff who has the relevant customer contact, the recruitment process will take time and business practices between the company and the customer would still require some time and effort for negotiation and fine-tuning before any transaction can take place. All these time and resources may be better off spent on developing a middle person with the customer base and working win-win business relationship.

B for Business Best Practices. With the diverse cultures and local business practices, it is usually a very costly affair to start up an internal operation to enter a new market since it takes time to cultivate and blend the company's existing business practices with that of the local business best practices. On the other hand, the middle person would already have local business best practices and also, the knowledge of how to introduce and market the product or services to the local market. The myth that some companies believe is that local business best practices can be easily and quickly cultivated internally through the employment of local talent or veterans. In reality, local business best practices are normally established over time through the successful interaction and inter-relation of several critical business elements like the corporate culture, management style, team composition and transaction methodology, coupled with a well managed pool of experiences, talent and skills.

Having said the above, many companies do opt for foreign direct investment because of strategic reasons like branding, local presence, support for existing customers with operations in these markets, etc. Such moves are always backed by adequate funds to ensure that the new operations can sustain in the new market or function with a positive cash position for approximately two years or more for certain products or markets.

CONFIDENT - Characteristics when picking Creative Talents

2009-05-27T10:48:00.000-07:00

CONFIDENT - Characteristics when picking Creative Talents
(CopyRight 2009; Benjamin Goh, www.bensglobal.com)

C for Confidence to put their own unique personality onto a piece of paper and defending it.

O for Open, honest, generous and kind.

N for Not obsess with studying advertising annuals as these pollute their own personal understanding and lead to work that just isn't theirs.

F for Fresh and Original. Their work must show a sense of freshness and originality, not something that is copied from what's already out there in the market.

I for Initiative. This is critical to achieve unique ideas as initiative allows them to seek for more and want to be better. Initiative also breeds more ideas to be shared freely.

D for Dependable. Many a times, we will come across creative people who are too overwhelmed with their creative world that they tend not to be able to prioritize their works. Help them to help ourselves. Help them to prioritise and learn the value of being dependable individuals. In this fast moving world.

E for Excellence and not perfection. One who seeks excellence breeds excellence but one seeks perfection will discover frustration and burn-out. As such, excel is the way to go; always striving to have the best within time, budget and quality standards.

N for Network. Its extremely important for these talents not to be an island but having a network or circle of creative professionals whom they can connect and share. Its not about seeing others work but more so, about listening to what others have to say about their work that really matters the most.

T for Team-player. Since all projects are not isolated, its important that they are also able to work in a team with the sales, marketing, management and other related functions in the company.

BE-NICE - Tips for Effective Networking everywhere!

2009-05-25T07:57:00.000-07:00

BE-NICE - Tips for Effective Networking everywhere!
(CopyRight 2009; Benjamin Goh, www.bensglobal.com)

B for Bibliography. Prepare a 10 seconds short but memorable bibliography that communicates what you do and your target customers/audience. Be ready to share this as you will eventually be asked at one point in time.

E for Expertise. Share your area of expertise at the right time and right place. Be ready to share a solution to a problem or an expert view when asked. Effective networking starts from building a trust relationship that is beneficial for both parties.

N for Nice. Yes, be nice to everyone at all times. Be nice even to the service staff like waiters, etc, serving us during the event. Everyone likes to be with a nice person. Be sensitive to the body language displayed by everyone around you.

I for Interested, rather than be Interesting. Focus on others and what they have to say to you. Listen and be interested. Build the conversation around what they are telling you and ask them to tell you more. Don't rush into telling them about yourself until you are asked.

C for Cards. Always be armed with sufficient business cards that you can use to start a conversation or exchange contact information. You may also politely ask questions around the information found on the other party's business cards. This will allow you to analyze if she or he belongs to your target network.

E for Ease. Be at ease, be yourself, be confident and look for a friendly face and make a introduction of yourself. If not, get into a queue for coffee, food, etc., and strike up a conversation. Seek for opportunities where you can make eye contact with others and thus, strike a conversation.

After you managed to strike a conversation and network, always remember that all conversations will come to a conclusion at some point. Politely excuse yourself and thank the person for her or his time. And the final and most important thing to do is to follow up and follow through. Enjoy sharing and giving first without thinking of receiving and you are on your way to enjoying networking and building lasting relationships.

COM - What it takes to get freelance sales reps selling?

2009-05-24T04:46:00.000-07:00

COM - What it takes to get freelance sales reps selling?
(CopyRight 2008; Benjamin Goh, www.bensglobal.com)

C for Compensation. Its normally almost impossible to get anyone interested in selling something without a base salary. However, having said this, it is also not impossible to attract the right talent with the right contacts. But the support from the company is critical to ensure that the sales rep is given adequate education of the solution, pre-sales and post-sales support. The percentage should be representative of the difficulty to sell the solution.
If the cost of the solution is relatively low and its targeted for the mass market, then commission percentages can be lower. This can be as low as 20% for the initial order and 10% for recurring revenue.
If the cost of the solution is relatively high and its targeted for the high value and smaller volume market, then the commission percentages must be much higher.. some as high as 50% for initial order and 30% for recurring revenue (if there is a need to ensure that customers are well taken care of and supported; nothing beats the onsite support).

O for Opportunity. Its always great to spark the relationship by giving the sales rep some highly potential leads in her or his territory(s). If it is possible, give away 2 or 3 sale orders easily to the sale rep as a catalyst to start her or his initial revenue boost, this will be a great motivator for her or him to invest more into getting many more sales.

M for Manageability. Being able to manage effectively and efficiently the sales reps in their different territories are critical to ensuring that adequate attention are given to territories where its giving the company 80% of the sales revenue. The 80-20 rule - 20% of the customers give us 80% of the sale revenue. Even though they are freelance, its critical to manage them and motivate them accordingly... financially or emotionally!

CLEAN - Empowering Business Growth through Clean Technology

2009-05-22T00:38:00.000-07:00

CLEAN - Empowering Business Growth through Clean Technology
(CopyRight 2009; Benjamin Goh, www.bensglobal.com)

C for Coach & Consult companies how to do business the CLEAN way! Its always easier to look from the outside and see what's wrong in the inside. Set up Clean Technology Clinics to be made available at low cost to companies wanting to go the clean technology driven business approach.

L for Lead by example! Worked closely with government bodies and large corporations on leading the clean technology driven business concepts. And where applicable, tax incentives, R&D funding or even criterion for business partnership.

E for Experts (Clean Technology) Forums, Seminars and Conferences! Most such events are organised by profit-making companies. In order to promote the clean technology, regular events of the above nature should be organized with the objective of promoting clean technology and only breaking-even on cost. This will give more companies, especially small and growing enterprises a lower cost option to market and sell their clean technology driven products and services.

A for Alliances or Affiliates. The Asia Pacific Partnership on Clean Development and Climate (or otherwise known as the Kyoto Protocol) is an agreement among seven Asia-Pacific nations: Australia, Canada, China, India, Japan, South Korea, and the United States. Although it is known that these seven countries are responsible for more than half of the world's carbon dioxide emissions, it is worthwhile to have Clean Technology Alliance in other up and coming economies like Taiwan, Hong Kong, Singapore, Vietnam, etc. Form alliances or affiliates with other companies having similar CLEAN business objectives.

N for Network CLEAN. Form networking circles of companies of various vertical industry wanting to share and grow towards a clean technology driven business. Regular networking sessions will be organized in various Asia Pacific countries to allow constant interaction and exchange of ideas.

CIRCLE - Core Values that contribute to the success and long term viability of a company

2009-05-21T05:30:00.000-07:00

CIRCLE - Core Values that contribute to the success and long term viability of a company.
(CopyRight 2009; Benjamin Goh, www.bensglobal.com)

C for Culture. Culture of a company is somewhat equivalent to the character of a person. What differentiates a person with many good friends and a lonely person is her/his character! Likewise, customers normally chose to work with companies with a customer-centric culture, assuming that all other aspects of the business is acceptable.

I for Innovation. In order to succeed in any economic situation, a company has to have innovation in its bloodline. Even a small restaurant has to be innovative in order to attract the right customers at the right time with the right spending habits. For example, there has been numerous reports in recent months in Asia that inexpensive (low cost) food sold in food courts or hawker stands are in much higher demand than in good economic times. McDonalds have lowered their value meals during lunch times to beat the recession fever in most Asian countries. So, innovation is key to making a competitive difference!

R for Relationships. In most businesses, its the comfort zone of working with familiar people and their companies who understands our needs, able to share the best practices in our industry and knows how to do business with us that facilitates long term viable business relationships. And in bad times, understands that passing down of savings to customers means the extra icing on the cake for the relationship.

C for Core Competency. This cannot be emphasized more that companies should always focus on their core competency. It is so critical that resources are used to innovate along the lines of their core competency. One approach is to innovate into vertical industries, that is, how can we market and sell into specific vertical industries with the same product or service that we have today and at the same time, showcasing specialization and know-how in specific vertical industries. This helps to open new markets without sacrificing on the core competency.

L for Long-term Strategy. All businesses should not only focus on the short term survival but also on the long run. Review the current strategy and adjust, adapt, align for the existing situation. Manage the change if necessary. Watch the cost for cost is within control but not so, with revenue. We can only pursue and court revenue and revenue may or may not come to us. But definitely, we can manage cost. Spend on what is essential and we will be surprised that most companies cut down on advertising during the bad times. This is a big mistake. We should be prudent about spending on advertising but we should not totally stop advertising in any form. Advertise innovatively. Above all, look long term!

E for Employees. Many companies look at cutting staff during bad times and this, in fact, has an adverse impact on the good employees. Good employees will leave if they feel that the company does not care. So, if there is a real need to cut staff strength, make sure that this is a company-wide affair where individual staff are interviewed and their opinion seeked with regards to who should and should not be part of the team. Corporate directions, mission, vision, strategy and the likes are to be communicated to the staff so that they will not be lost and is aware of what the company is doing in the midst of the economic crisis. Been informed and knowing that the company cares is what motivates the employees. As such, even in bad times, a small monetary award for good performances or a thank-you note or even a birthday card means so much more! Without employees, its like without the body parts for a company. Each employee plays a critical role in the success of the company!

CHARGE - what leaders should take on to make the best of an economic slowdown

2009-05-20T02:29:00.000-07:00

"CHARGE" is what leaders should take on to make the best of an economic slowdown
(CopyRight 2009; Benjamin Goh, www.bensglobal.com)

C for Change is everywhere. Businesses have to be think of new ways to reduce cost and increase value. As such, offer a product or service or solution that will give far far greater value to your customers.

H for Hedging. Every investor can benefit by learning how to invest beyond stocks and bonds. A properly diversified portfolio that includes commodities can enhance return and reduce risk. Commodities can serve as a hedge against stock market and economic risk.

A for Acquisition and Mergers. There should be some really great deals during this time to expand your operations and market share through acquisition and merger, rather than organic growth. If you can afford it, go for it and if managed properly, will go a long way for your company's success in the future.

R for Resources Enhancement . Study your current inhouse human resource pool and re-structure your organization. This is the best time to employ the best resources at highly affordable rates. Many over-40s have been laid off and they find difficulty in getting a job during these economic downturn. Employ these people and paying them with a fixed salary and a variable salary that is dependent on the profitability of the company is but one way to entice these people to put in their very best.

G for Greater Value. Although this is not naturally true for all things, it is true for most things. As such, this is the best time to buy into real estate or essential equipment, etc., whatever that is needed to bring the company to the next competitve advantage level which was not possible before due to much higher prices.

E for Exploit Marketing. This is the best time to work on good PR (Public Relations) and showcase your value add to the market as well as your optimism about the market potential. Media loves to highlight the opposite of trends.

CASH - Criteria that private equity funds are looking for in funding a start-ups!

2009-05-15T22:26:00.000-07:00

CASH - Criteria that private equity funds are looking for in funding a start-ups!
(CopyRight 2009; Benjamin Goh, www.bensglobal.com)

C for Cash-flow. The company must be or will be having a positive cash-flow position with a very high level of confidence and certainty. Current investors are looking for deals where risks have been minimized but the valuation is still very positive. Gone are the good old days where funding is given at the very early stages of a start-up where risk is relatively very high.

A for Attitude. As in all other relationships, a good business relationship between an investor and an entrepreneur must be one where there is a high level of trust. The entrepreneur should be seen as someone with a high degree of integrity, a great personality and most important of all, an extremely good attitude that will give the investor the assurance of the entrepreneur's commitment and perseverance towards achieving success in the start-up business.

S for Seasoned Management. This is extremely important and crucial as it will definitely raise the confidence level of the investor. A must it would be! It would be even more ideal if the management team has done it before and was successful. As such, the minimum requirement would be to have at least one person in the management team to have done it before.

H for High-growth potential. In general, most investors would like to achieve a targeted 30 to 40 percent internel rate of return per year over a period of five-years. This may not be achieveable in the first 2 years but it should be compensated in the 3rd to 5th year.

In addition to the above 4 criteria, there are of course, questions with regards to the market forces, competitive advantages, threats from substitutes, rivalry, financials, assumptions, etc.

As such, the advise is to go slow but steady, so as to win the race. But also be fully equipped with plans and solutions to counter the competition should one arise. The best is to have a niche that has a very high barrier of entry and thus, making it less attractive for the competition to compete head on with the company.

BUSINESS - Considerations for implementing corporate portals

2009-05-13T03:17:00.000-07:00

BUSINESS - Considerations for implementing corporate portals
(CopyRight 2009; Benjamin Goh, www.bensglobal.com)

Corporate portals, like any tools (software or hardware or process), serve to help businesses perform a certain function or task. However, in order to fight against the economic crisis warrants more than a tool. It is what's behind the tool that brings about success. If a decision is to build a portal, then its most important & essential that it is build with the blessings of the users (e.g. employees and business partners; customers & suppliers), that is, the users are involved during the requirements specification down to the user-friendliness and further down to the ownership & adoption of the solution(s) by the users. Portals should streamline communications between management & employees, help employees collaborate more easily, & give employees personalized access to the information & applications they need to do their work well. Portals should do it all in a cost-effective manner that lets companies save money by consolidating both servers & applications.

Companies will implement corporate portals in today's current difficult circumstances after they have thoroughly considered "BUSINESS" :-

B for Business Type? This is very much dependent on the type of business & the type of industry or vertical market that the company is in. Some businesses use the website just as an information or bulletin board & not for any form of electronic transaction or business.

U for Union? Portals are great but will it affect negatively a significant number of employees in the company & thus, cause unions to react negatively towards the company. This is one area that would require special professional attention.

S for Sites? Corporate portals are great for multinational companies with offices, warehouses, factories or business partners in numerous locations that are geographically dispersed but are equipped with internet technology.

I for Internet Availability? Do bear in mind that there are still many places in the world that are not equipped with internet technology & as such, if a business' main market is in these geographical locations, the portal is of no use.

N for Network? Is the existing network & IT infrastructure equipped with the necessary security to prevent hackers? Most companies move into portals without serious consideration of this area. Once again, a very important area but often overlooked or skipped due to high upfront investment (hardware) & high recurring cost (annual software subscription or renewal fees).

E for Employees? Are there enough employees to warrant a portal to manage all or most employee-related transactions? Its always a question of nice-to-have versus must-have? If the company has offices or plants spread geographically in many locations, it may be economically more viable to have a human resource portal to manage all human resource issues like employee performance assessments, employee handbook, annual leave, etc.

S for Strategy? What is the company's strategy for the present & future? If the strategy is to move into the online B2B market in the near future, then it is naturally critical that it should develop a corporate portal to support this future strategy. However, one should note that a company or product name used in the non-online world is not suitable for the same used in the online world.

S for Social contribution? As in all businesses, one of the key mission of the company is to make this world a better place to live in. Careful consideration should be placed in terms of the social implication of the corporate portal. Will this portal have an impact on the political, environmental, social & technology areas of the society that the company operates in?

Whether it is B2B or B2E or both, its comes back to the same consideration, "BUSINESS"!
Try looking up http://www.capterra.com/portal-software for software/ services for building corporate portals.

BIZ-DEV - When is the right time for new business development?

2009-05-11T09:17:00.000-07:00

BIZ-DEV - When is the right time for new business development?
(CopyRight 2009; Benjamin Goh, www.bensglobal.com)

B for Business-readiness. Is the organization ready for new business?

I for Innovation. Is the new business idea innovative enough to differentiate one from the competition and has a competitive advantage?

Z for Zest. Is the team behind the business corporately and individually motivated in all aspects to see this new business through the initial upclimb?

D for Destination. Is the target goal.. mission and vision clear with measurable result(s) and time line(s)?

E for Environment. Is PEST (Political, Economical, Social and Technological) analysed thoroughly, reviewed and accepted by all members of the new business development team?

V for Value. Is the value chain of the entire new business development project carefully analysed and value ensured for all involved in the value chain?

If our answers to the above questions are YES, then we will confidently know that its time for launching the new business! Enjoy and Persevere ... the sky is the limit!

BEST - Best practices for Web Development, Design & Marketing service providers in generating RFPs

2009-05-06T09:59:00.000-07:00

Best practices for Web Development, Design & Marketing service providers in generating RFPs with the following "BEST" :-
(CopyRight 2009; Benjamin Goh, www.bensglobal.com)

B for Best practices for the vertical industry? Standard RFPs can be created for specific type of customers in a specific vertical industry. This standard can only be achieved through collection and compilation of past project RFPs. Cost estimates for these past projects can be reviewed from time to time to take into account economic conditions and company overheads. And when new requirements are requested and quoted, the new requirements can either be placed into the standard RFP and costed accordingly or they can be considered as add-ons and sold to new prospective customers separately as options. It is essential to ensure the database is administered and updated regularly. The purpose of offering vertical industry solutions is to basically offer best practices for the industry where the client is in and thus, leaving the customer to only need to discuss their specific corporate needs, rather than the general needs which is normally common in the specific vertical industry.

E for Evaluation? Different customers may have different evaluation criteria. Likewise, standard evaluation criteria can be provided to the customer for their review. Any additional evaluation requirements can be added on and thus, additional costing for these additions can be processed separately in isolation. This would reduce much time in costing as there would already be a standard costing for different types of evaluation, specifically for different types of vertical industry.

Standards (templates) solutions and add-ons? As above, the best practices for the specific vertical industry in terms of web development, design and marketing can be provided as part of the specific vertical industry menu of services offered. Design and marketing templates can also be made available for customers to view and select accordingly. These standard designs and templates will naturally carry certain price tags and further cost estimates need only be done for add-ons or changes to the standards. Specialization in specific vertical industries is key to resource, cost and time optimization for web development, design and marketing solutions as previously acquired knowledge and previously developed solutions can be re-applied to new projects.

Timeline? As in all services, time is the essence. As such, make sure that all the standard services offered should also have specified time frames. And time required for any additional requirements should be computed and included to the standard time lines accordingly. These should then be discussed with the customer and if they require shorter lead times, then additional cost will apply. Additional cost can be computed based on availability of appropriate resources and technology acquisition, if applicable. This may take some time to assess. As such, it is always wise to sign up with affiliates or alliances (normally smaller companies or freelance individuals who can support the development work on a need basis).

BEAR - The Human Resources Inventory!

2009-05-02T10:02:00.001-07:00

BEAR - The Human Resources Inventory!
(CopyRight 2009; Benjamin Goh, www.bensglobal.com)

Human Resource invesment is like any investment except that it is alive and always changing and unpredictable. It also requires a lot more maintenance to ensure that it is always motivated and innovated to add value to the company's entire value chain. As such, it is critical to differentiate a resource that will bring value today and consistenly to the future. The proper and good management of the right and adequate human resources brings about much more value to the company past, present and future success.
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Economic downturn is the best time to review all the resource inventories of the company, much more so, the human resources inventory that the company has and "BEAR" it out:-
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B for Business Plan Review. Since business may be slower than before, its good to re-look at the business plan that one has and ask the question of whether one should re-engineer it to make it more robust and more focus (niche) so that it is able to weather the current or future economic storm.
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E for Excellence. Once the business plan is reviewed, one should look at the core competency of the company and asked the question of whether the company and its resources are, at the least, comparable to the industry's level of excellence. If not, what does it take to bring the current human resource inventory to the industry's
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A for Attitude. Like the engine of a car where it is most critical to the proper and smooth functioning of the car, the right attitudes of the employees are similarly the critical success factor of the company. As such, it is critical to ensure that attitudes of employees are screened regularly and if possible, face-to-face personal interviews are conducted for all employees to investigate, understand and separate the good eggs from the bad ones.
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R for Resource Inventory Review. With the revised business plan, this would naturally lead to a review of the current and planned resource inventory. The question would be focus along the quality and quantity of the human resource inventory and whether they meet the requirements of the revised business plan. Good and inexpensive human resources are plentiful during economic crisis as it is now. As such, it would be a good time to review if the current crew is value-add or value-minus for the company's current business and future prospect.

APICES - Recognition of Good Performance and Encouragement of Good Working Environment

2009-04-30T22:11:00.000-07:00

APICES - Recognition of Good Performance and Encouragement of Good Working Environment
(CopyRight 2009; Benjamin Goh, www.bensglobal.com)

A for Attitude. Good attitude is key in achieving good performance. Good attitude should be encouraged and incentives given to ensure that all team members are willing to share and work closely together to achieve the final project results. As such, incentives should not only encourage individual performance but also team performance.

P for Politics discouraged. Where a good working environment is to exist, corporate politics must be discouraged and minimized, if not eliminated. This should be a top-down approach to management and operation of all the company's activities.

I for Incentive plans for work well done. These plans should be measurable and clearly defined so that all involved will be aware of what incentives will be received upon completion of certain tasks or projects. Transparency of how incentive plans are measured should be clearly and accurately communicated to all staff. These plans should also be documented and made available for all staff.

C for Culture where good performance are highly regarded and recognized. This takes time to cultivate but it should clearly articulated in all performance assessments conducted in the company. The management team should constantly remind the project teams of that transparency, integrity and team spirit together with good performance are highly recognized in the company. Regular staff communication highlighting who's performing well must become a norm and ritual in the company. Celebrate whenever projects are completed successfully, within budget, within time and at/beyond set quality levels. Different types of celebration for different results achieved can be defined and broadcast to all staff. Have one person, preferably an administrator for the project teams to be constantly on the lookout for project results and initiate all celebrations.

E for Expectations set-right in the beginning. Many projects fail because expectations of deliverable are not clearly stated, documented and communicated. It is critical that expectations are made known and all involved are given the chance to voice any objections or difficulties but finally, all differences resolved and expectations set for all team members and the team as a group.

S for Sharing or communicating project activities and updates to the teams so as to ensure that all involved are totally aware of what are their roles, responsibilities and accountability with detailed project items and time-lines clearly documented and endorsed by top management. Constant coaching of team members and ensuring that every team member is given equal opportunity to share and voice their opinions and differences, if exist.

ACHIEVE - Putting Human Resources Training To Work in CHANGE

2009-04-30T00:51:00.000-07:00

ACHIEVE - Putting Human Resources Training To Work in CHANGE
(CopyRight 2009; Benjamin Goh, www.bensglobal.com)

A for Anticipating negative employee reactions and planning appropriate responses.

C for Counseling employees who are unable to cope or adapt.

H for Harvesting (gaining) proactively employees support for new processes or goals.

I for Implementing conflict management techniques.

E for Establishing effective communication networks to support the CHANGE.

V for Value-adding to employees' working environment and corporate culture; allowing employees to understand and appreciate that CHANGE is for the good of all, individually and corporately.

E for Evaluating and measuring the impact of CHANGE initiatives.

ACE - Outsource or Develop Inhouse Competency - the question of core competency

2009-04-28T09:28:00.000-07:00

ACE - Outsource or Develop Inhouse Competency - the question of core competency
(CopyRight 2009; Benjamin Goh, www.bensglobal.com)

When a new sale with requirements of a new competency comes knocking at our doors, the question that we should ask is whether we were equipped or worst case, prepared to deliver what the customer wants. Naturally, most companies can choose to employ and develop the new competency or it could choose to outsource. The decision to outsource would be very much dependent on the decision to acquire new competency and in so doing, will it jeopardize current core competency or strengthen the competitive advantage.
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To make the choice, let's try to define core competencies. Core competencies are the capabilities that the company possesses that are critical to achieving competitive advantage. To analyze the company's core competencies is to recognize that competition between businesses is as much a race for competence mastery as it is for market position and market power. It is impossible to focus on all activities of a business and the competencies required to undertake them. As such, most companies will focus attention on competencies that really affect competitive advantage.
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So, whether to outsource or build in-house capabilities boils down to an "ACE" analysis:
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A for Advantage over the competition. The decision must bring higher value to the customers and company and thus, achieving greater competitive advantage. There is no point to develop new competencies if it does not help in differentiating the company above the competition. It is highly recommended for a company to be organized into a portfolio of core competencies rather than independent business units. In this way, the business units will be inclined to invest in the building of the company's core competencies.
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C for Change. Core Competencies are not seen as being fixed. Core Competencies should change in response to changes in the company's environment. They are flexible and evolve over time. As a business evolves and adapts to new circumstances and opportunities, so its Core Competencies will have to adapt and change. So, the question of whether to adopt a new competency or not is rather a question of whether the new competency is part and parcel of the company's short or long term strategy and vision.
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E for Enhancement of existing core competency. The new competence should provide access to a wider variety of markets as well as make it more difficult for competitors to imitate. It should be able to be integrated and coordinated into the various functions of the company. Hiring a new team of developers does not automatically gain core competence. It is only when there is effective coordination among all the functions of the company in bringing the product or service to the market that will result in core competence. Strategic alliance is another alternative to outsourcing where the alliance party has the other technology or know-how that the company does not have. And thus, working together will facilitate sharing of competencies for minimal or no cost. This will also allow the company not to compromise on its core competency.

2009-04-27T09:09:00.000-07:00

7Cs - Critical Success Factors to Execution Excellence
(CopyRight 2009; Benjamin Goh, www.bensglobal.com)

One Company - Vision with mission statement and goal(s). Every plan, business, activity and action that the company takes must be in line with the vision and mission of the company. Every single human resource must be aware of the vision and mission of the company and memorize and always keeping in mind these statements and live it out in their work and plans.

One Culture - Family. Behave like one family where unity is key to defending one's competitiveness and unity is key to organization effectiveness and efficiencies! Every human resource in the organization ought to understand, believe and live the Culture of the company.

One Constant - Change. This is the only constant that any organization should be vividly aware of and that the ability to adapt, align and adjust to the change is key in ensuring execution excellence! Nothing stays static and thus, build into the organization the capability to be flexible at the right time and at the right place but within budget, on time and within quality.

One Cost - Cash-flow. Any execution would involve some cost, big or small. The forecast and management of the cash flow for any execution is key to ensuring that the goals to be achieved will be realized and that any problems that may arise in the course of the execution may be pro-actively resolved rather than re-actively managed.

One Course - Road-map and Processes. It is unavoidable that there will always be multiple resources working together and also working separately within an organization. Its key that all the different business processes are mapped and managed to arrive at the desired goal. Every individual should be informed accordingly of how each road-map or process is going to affect them directly or indirectly and how they are to set aside their individual interest to achieve the common interest of the company.

One Customer - Customer is King, whether internal customers (other department or divisions or subsidiaries) or external customers (companies that buy our solutions, products and/or services). Analyze the background of the customers and their needs. If the company can add value to the potential customer, then go for it. If not, the company should let go of the prospective customer and focus on the type of customers or market(s) that they will be able to truly add value and be profitable.

One Communication - Single voice to all the staff and business partners from the No. 1 person of the company (be it the CEO or President or Chairman) is important to ensure no dilution of information and non-polluted feedback from the ground level. This covers not only internal correspondences but also public relations, marketing and branding messages!

...in conclusion, One Win, All Win!

2009-04-20T23:22:00.000-07:00

ABCs of Entrepreneurship
(CopyRight 2009; Benjamin Goh, www.bensglobal.com)

A for Available; always ready and available to business partners (customers and suppliers), colleagues, peers, associates, etc.
B for Balance; having a strong business-sense and being able to balance family, work and friends.

C for Creative & Compassionate; always filled with compassion for the team and new ideas for product, services and way of doing business.
D for Dedicated; focus and committed to making things happen.

E for Experience; seen much, listen much and done much but always with a heart to learn even more from others and their experiences.
F for Financial-credibility; possesses a strong sense of financial and business integrity, thus assuring others of a comfort zone and common ground with fair play.

G for Guts; it takes lots of guys to venture into new businesses or markets and always ready to face and resolve the unforseeable issues ahead.
H for Honest; being honest in the conduct of business and always ready and committed to sharing the fruits of the labor with all involved.

I for Innovative & Initiative; Innovation and initiatives are both critical to ensure continued value-add to existing customers and continued attractiveness to new customers and markets.
J for Just; Fair play is critical to earn trust among business partners (customers, suppliers and strategic alliances) and allowing value-add and commitment from all parties involved.

K for Keen-to-grow; growing a business means more than just revenue growth but also encompasses making this world a better place to live in.
L for Learning-attitude; willingness to listen to others' ideas and opinions as well as learn from others' experiences (learning is a continuous process of acquiring knowledge and wisdom).

M for Mentor; by mentoring and coaching, it opens up new avenues for learning as well as building strong relationships and network-circles.
N for Network-centric; no man is an island, as such it is most essential for networking where there will be learning, exchange of ideas, thoughts & experiences, contacts, know-how, know-why, cooperation & collaboration, etc.

O for Opportunity-seeking; always on the look out for more businesses and strategic collaboration/cooperation.
P for Passion; passionate entrepreneurs are the ones who make this world a better place to live in..passionate for the people he/she works with, passionate for the work that she/he is involved in, passionate about wanting to make a difference in everything that she/he is committed to.

Q for Quest-for-Knowledge; always eager to acquire knowledge, know-how and know-why.
R for Risk-taker; taking calculated risk at all times through effective and detail analysis, brainstorming, consultation and risk computation.

S for Strategist & Strategy-mapping; strategize before taking any business action or projects.
T for Trainer & Team-spirit; the best way to learn is to teach and train others as well as working alongside teams and motivating the team to excel beyond expectations.

U for Union-seeking; always seeking cooperation and union with others in the industry or market for the only way to survive and strive in any economic situation.
V for Value-adding; continuously and creatively analyzing and adding value to the business, partners, peers and all involved.

W for Will-to-succeed (strong); in difficult economic times, start-ups and competitive attacks, the will to succeed is what differentiate the winners from the losers.
X for X-factor (or some called it the e-factor or entrepreneurial factor); do you have what it takes to become an entrepreneur and if not, take an "Entrepreneur Assessment" and find out if you have what it takes (e.g. www.TriStart.co.uk).

Y for Yield-to-change (adjust, adapt and align to change); the only constant in the business world is change and the winner is one who is always ready to adjust, adapt and align to the changes she/he faces and move with the tide to surface as the winner.
Z for Zealous; nothing beats more than being zealous about being an entrepreneur and wanting to be the best and beating oneselves' performances each time over and over again.